The Bone Wax Market plays a crucial role in the field of orthopedic and neurosurgery by providing a hemostatic agent used to control bleeding from bone surfaces during surgical procedures. Bone wax is a sterile mixture of beeswax and is typically applied to the bony edges of incisions or drilled holes to achieve hemostasis and prevent excessive bleeding. This market is driven by the increasing number of orthopedic and neurosurgical procedures, the rising prevalence of bone-related disorders, and the demand for effective hemostatic solutions.
Major drivers of the Bone Wax Market include the growing aging population, advancements in surgical techniques, and the expanding array of surgical procedures requiring bone wax application. The ease of use and efficacy in achieving hemostasis make bone wax a valuable tool in various surgical scenarios.
Challenges involve ensuring product safety, addressing regulatory compliance, and optimizing bone wax formulations for different clinical applications. Geographically, North America and Europe dominate the market due to well-established healthcare infrastructures and high surgical procedure volumes. As the Bone Wax Market continues to evolve, it remains an essential component in enhancing surgical precision, reducing complications, and improving overall patient outcomes in orthopedic and neurosurgical interventions.
Market Research Future (MRFR) postulates that the global bone wax market is anticipated to demonstrate a CAGR of 3.5% during the forecast period (2018-2023). The surging number of surgical procedures due to orthopedic diseases is favoring the market growth across the globe. Bone wax is referred to a sterile substance which is generally used to control the bleeding from the surface of the bone mechanically during any surgical procedures. Bone wax is a mixture of Vaseline which constitutes 30% and beeswax constituting 70%. It can achieve local hemostasis of bone by acting as a mechanical barrier. It is also used for the mechanical hemostasis in bones in neurosurgery, thoracic surgery, dental, orthopedics and traumatology, jaw, and oral surgery.
Market Potential and Pitfalls
The bone wax market is gradually stealing the limelight across the globe mainly due to the surging number of surgical procedures due to accidental fractures and orthopedic diseases. With the rising geriatric population more prone to orthopedic diseases, the bone wax market is receiving the pat. The use of absorbable bone wax items has increased in the recent past which has further enabled the market to reach out to a wider range of audiences. As per the American Joint Replacement Registry, approximately 1,61,040 joint replacement procedures took place in the year 2016 in the US. Prominent market giants are involved in strategic partnerships, and new product launches in order to strengthen its position in the global market, thereby contributing to its growth.
With the increasing number of surgical procedures hitting in the past few years, the requirement for bone wax has increased. The rising epidemiology of osteoarthritis and osteoporosis is considered one major factor influencing the market growth. Furthermore, the introduction of synthetic bone wax has contributed to the growth of the market. Synthetic bone wax is generally made of water-soluble polymers which helps to reduce the complications. They look and feel like traditional bone wax. Both the traditional and synthetic bone wax are used as carriers for anti-inflammatory drugs which are used to lower the inflammation at the surgery site.
On the contrary, the development of alternatives for bone wax, strict mandates imposed by the government for the use of bone wax, and certain side effects associated with it are some of the top barriers likely to vitiate the market growth in the long run.
Competitive Dashboard
The prominent players operating in the global bone wax market comprises Wound Management Technologies Inc., ABYRX Inc., Ethicon Inc., Aesculap Inc., Baxter International, Medtronic Plc, Futura Surgicare Pvt. Ltd., Medline Industries Inc., Bentley Healthcare Pvt. Ltd., CP Medical Corp., GPC Medical Ltd., WNDW Medical Inc., and others.
Global Bone Wax Market: Segmental Analysis
The global bone wax market has been segmented on the basis of material, application, product, and end-user.
By mode of product, the global bone wax market has been segmented into absorbable and non- absorbable bone wax.
By mode of material, the global bone wax market has been segmented into natural and synthetic bone wax.
By mode of application, the global bone wax market has been segmented into orthopedic surgery, neurosurgery, oral surgery, thoracic surgery, and others. Among these, the orthopedic surgery segment is likely to lead the segment owing to the surging incidences of accidents and related orthopedic diseases across the globe.
By mode of end-users, the global bone wax market has been segmented into clinical laboratories, hospitals, and others. Among these, the hospital's segment is anticipated to gain prominence in the coming years as they perform high-end surgeries. Hospitals are the most preferred choice and comprise a highly favorable setting for several thoracic surgery procedures, orthopedic surgeries, and neurosurgery.
Regional Insights
Geographically, the bone wax market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Considering the global scenario, the American region is considered to dominate the global market and is likely to retain its dominance in the long run. The growth can be ascribed to the increasing number of surgeries, well-developed healthcare infrastructure, and surging number of surgeries due to orthopedic diseases. With a large number of research and development activities in this region, the market is likely to flourish. Moreover, prominent market players in America are involved in marketing strategies like new product launches and partnerships which is likely to contribute toward its growth in the coming years.
The European region acquires the second spot owing to the bolstering prevalence of orthopedic diseases, surging expenditure on the healthcare sector, and the growing number of accidents and related injuries. As per the Eurostat, in 2015 approximately 7.1 million patients suffering from poisoning, injuries, and other consequences like accidents were discharged from the hospital in Europe.
The Asia Pacific region is likely to expand at the fastest growth rate during the review period. The constantly developing counties, a growing number of geriatric population, surging incidences of bone disease, and rising government funding for the healthcare sector are some of the top factors likely to influence the market growth. As per the United Nations Department of Economic and Social Affairs, the number of geriatric population is estimated to increase by 64% by the end of 2030 in India. This will highly contribute to the market in this region.
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